Circle signs MOU with Kakao Group to explore blockchain payments in Korea

Circle, the company behind the USDC stablecoin, signed a memorandum of understanding with Kakao Group on July 23 to jointly explore blockchain-based payment systems and digital asset technologies in South Korea. The deal pairs one of the world’s largest stablecoin issuers with the tech conglomerate that essentially runs South Korea’s digital life. Kakao operates everything from the country’s dominant messaging app to its own banking platform, making it a gateway to tens of millions of Korean consumers. Why Kakao matters For anyone unfamiliar with the Korean tech ecosystem, think of Kakao as a hybrid of WhatsApp, Venmo, and a mid-size bank, all rolled into one corporate umbrella. KakaoTalk, its messaging platform, is used by virtually every smartphone owner in the country. KakaoBank is one of the largest digital banks in Asia. The MOU is focused on exploration rather than a finished product launch. No specific products or timelines have been disclosed. Circle’s broader Korea playbook This isn’t Circle’s first move on the Korean peninsula. In May 2025, the company signed a separate MOU with Hana Bank, one of South Korea’s major financial institutions. That partnership expanded to inc...